The food prices followed a steady course in 2017 although the prices rose 8 percent, according to the Food and Agricultural Organization, FAO. The grain products index rose by 3.2 percent last year.
FAO announced the global food prices. The organization said that the annual increase was 3.2 percent although Wheat Price Index has showed stability for three months. Food prices in December 2017 went down by 3.3 percent on a monthly base, and it increased by 8.2 percent on annual base.
The Food Price Index, calculated on five main food materials consisting of grain, vegetable oil, dairy products, meat and sugar went down by 3.3 percent in December compared to November, according to FAO’s statement. However, the index rose up to 8.2 percent compared to previous year and reached 174.6 points.
FAO said 2017’s food prices are the highest annual average since 2014, adding that, “There was stability in FAO’s Wheat Price Index for three months. The stability continued in the third quarter even though the wheat price was weakened and price of corn and rice was solidified. The index increased by 3.2 percent compared to 2017 according to the value in 2016, but remained 37 percent lower than the 2011 peak.”
In the press statement, it is said that sugar prices fell by 11.2 percent when compared to 2016 due to the effect of last year’s dense harvest in Brazil, the leading producer. Besides, the FAO Meat Price Index rose by 9 percent compared to 2016 levels.